Answer:
$80.75
Step-by-step explanation:
From the question, we are given the following parameters
Amount borrowed (principal)=$3800
Time=3 months =1/4 years
Rate = 8.5%
Required
Interest paid by the man
Using the simple interest formula;
SI= Principal*Rate*Time/100
SI=3800*8.5*0.25/100
SI=38*8.5*0.25
SI=$80.75
Hence the man paid $80.75 for the use of the money
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